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The Bitcoin price is down 2% in the last 24 hours to trade for $41,178 as of 11:30 p.m. EST time, but trading volume is up 35%.
Investors are coming out of the weekend ready for action. The bears are prevalent with the Moving Average Convergence Divergence (MACD) giving a sell signal. Expectations of a pullback continue to brew, with traders anticipating a revisit of the $36,000 to $37,000 range.
I think one more run up towards 44 k before the nuke.
I still expect 36/37 k to get hit.
Invalidation above 46 k#btc
Oh and i forget to say
Q1 2024 = $55 000 #btc 📸— WIZZ ( beware scammers ) (@CryptoWizardd) December 17, 2023
One trader has observed that the Bitcoin price completely reset the daily Relative Strength Index (RSI). It puts the momentum indicator at its lowest level in two months. The last time the BTC RSI was this low is when Bitcoin price was $27,300.
#BTC has now completely reset the Daily RSI which was what was discussed as a potential scenario
Daily RSI now at lowest level in 2 months and at levels when the BTC price was $27.3k, however now $41k: https://t.co/2Qyu6YyJfi pic.twitter.com/X8YQVI20yM
— Matthew Hyland (@MatthewHyland_) December 18, 2023
With the RSI recording lower lows while Bitcoin price records higher highs, this outlook precipitates a bearish divergence.
The multiple sell signals have one analyst weighing a 50% drop below current levels. This would mean Bitcoin price revisits the $20,500 level.
The #BTC price could easily drop 50% from here.
I don’t think it’s likely, but nobody knows for sure.
Doesn’t change my thoughts though:#Bitcoin will be worth a lot more in 10 years than it’s worth today.
— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023
For now, however, the bulls remain in control as both the MACD and the Awesome Oscillator (AO) remain in the positive territory. The position of the RSI above the 50 midline is also a good sign, pointing to strong price strength.
⚡#BTC the first red pack of red from early October.
Despite the closure of 8 consecutive weeks, the whole CT turns to a descending red candle.
The cows are still in complete control. pic.twitter.com/qyTvEnuhVd— Trading Education (@tradingedu_co) December 18, 2023
Jan Van Eck Anticipates New All-time Highs For Bitcoin Price In 2024
The bullish outlook has VanEck CEO Jan van Eck anticipating a new all-time highs for BTC. His forecast follows the recent Federal Open Market Committee (FOMC) meeting, with the minutes pointing to interest rate cuts in 2024.
Fed Chair Powell: “Today we decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. Given how far we have come, along with the uncertainties and risks that we face, the Committee is proceeding carefully.” #FOMC pic.twitter.com/ZiOCKcrT9b
— CSPAN (@cspan) December 13, 2023
“The macro behind Bitcoin and gold are very strong,” he told CNBC Television in an interview, adding the two assets “kind of do perform similarly,” peaking in 2021 and rallying across 2023.
Acknowledging that Bitcoin price stands 170% north year-to-date, the VanEck executive expects more gains incoming. He predicts new all-time highs in 2024 steered by the likes of events such as the BTC halving. The event is slated for April 2024 where miner rewards will be slashed by 50%.
Bitcoin Price Prognosis
As is the case for the weekly timeframe, Bitcoin price is confronting a supply barrier even in the three-day timeframe, ranging from $44,074 to $47,488. With the bulls still leading the market, BTC market value could overcome this order block, flipping it into a bullish breaker above the $48,000 psychological level.
To confirm the uptrend, Bitcoin price must record a three-day candlestick close above the mean threshold (midline) of the order block at $45,843.
A move above the $48,000 psychological level would set the tone for Bitcoin price to target the $50,000 psychological level next, or higher, testing the $60,000 mark. In highly bullish cases, BTC price could extend a neck higher to test the $69,000 range high. Such a move would constitute a 67% climb above current levels, potentially setting the tone for an extended move north.
The RSI remains above the 50 level, while the AO and the MACD remain within the positive territory. This shows the bulls continue to lead the market, accentuating the bullish thesis.
Converse Case
On the flip side, a rejection from the three-day supply barrier could send Bitcoin price south, causing a flip of the $37,800 support to resistance. An extended suppression could see the king of crypto drop lower past the 50-day Simple Moving Average (SMA) at $31,684 to test the $30,000 psychological level. A break and close below this level would invalidate the bullish thesis.
In the dire case where the aforementioned level fails to hold as support, Bitcoin price test the 100- and 200-day SMA at $29,648 and $25,625 levels respectively.
Meanwhile, with the BTC community looking forward to the halving event and the euphoria around the expected spot Bitcoin exchange-traded funds (ETFs), a new Bitcoin derivative, BTCETF, is in the market, trending as analysts anticipate 10X growth potential.
Promising Alternative To Bitcoin
BTCETF is the native asset for the Bitcoin ETF Token ecosystem, a project that rewards token holders as spot BTC ETF products are approved. Investors looking to get ahead of this milestone can buy Bitcoin ETF Token at the lowest possible price to ensure they are hodlers before the first Bitcoin ETFs are approved.
#BitcoinETF represents a #Crypto token closely linked to $BTC and the impending #SEC approvals for the anticipated #ETFs.
Join our news channel for the latest updates. 🗞️
Follow along, turn on alerts, and stay informed about monumental #Bitcoin occurrences! 🚀 pic.twitter.com/HqNWM7AH5l
— BTCETF_Token (@BTCETF_Token) December 16, 2023
The project marks the anticipation of the Bitcoin ETF launching in the US market. It represents a crypto token closely linked to BTC and the impending SEC approvals for the anticipated ETFs.
What’s the role of the $BTCETF #Token? 🤔
This ERC-20 token marks the anticipation of #Bitcoin ETFs entering the American financial landscape. 🚀 pic.twitter.com/RAhD5uuqi9
— BTCETF_Token (@BTCETF_Token) December 16, 2023
Bitcoin ETF Token project is in the presale stage, with sales now reaching $4.669 million out of a target of $5.059 million. The token is selling for just $0.0068 in the current stage, giving interested investors a chance to buy BTCETF at low rates before likely exponential growth at listing.
#SEC sets new “Cash Redemption Model” for #Bitcoin Spot #ETF applicants, impacting approval criteria.@InvescoEMEA adopts it initially whilst @BlackRock introduces “Prepay” for easier Wall Street participation.
How might these models reshape ETF accessibility?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
— BTCETF_Token (@BTCETF_Token) December 14, 2023
Visit Bitcoin ETF Token website to buy BTCETF in the presale here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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